FTIL to shortlist bidders to buy MCX stake by Apr 25

Jignesh Shah-promoted Financial Technologies India Ltd said on Saturday that it has received non-binding bids from nine top corporates for buying its 24 per cent stake in MCX, and would shortlist the bidders by April 25.

"The Restructuring Committee received non-binding bids from nine prospective investors, which includes marquee Indian and global conglomerates," FTIL said in a statement.

FTIL is making all efforts to complete the proposed sale of its stake in MCX by April 25 and has called for a board meeting on the same day to finalise the bidders, the company said.

FTIL has to reduce its stake in MCX to 2 per cent from the current 26 per cent to comply with the regulatory norms following the NSEL payment crisis of Rs 5,600 crore.
FTIL has appointed a committee to oversee its restructuring plan, which includes divesting its take in MCX. The committee has completed the process of shortlisting of the parties with whom FTIL's appointed banker JM Financial will take the discussion forward, it said.

The shortlisted bidders have sought interaction with the MCX management and customary due diligence as a pre-condition to the said sale.